Aramco Wants to Become World’s Top Oil Refiner

Saudi Arabian Oil Co., the world’s biggest crude exporter, also expects to become the top producer of refined products such as fuel and petrochemicals, according to Khalid al-Falih, the company’s chief executive.

“In the years to come, we will become the world’s single largest oil refiner,” al-Falih said at a conference in Beijing today.

Saudi Aramco, as the company is known, is expanding refining and petrochemical production to meet domestic demand and export products that can fetch higher prices than crude. It plans to double its global refining capacity to 8 million barrels a day in 10 years, al-Falih said in the eastern Saudi city of Dhahran in January 2012.